Avalanche has seen a massive spike in activity this year, with total smart contracts on the network jumping to more than 44 million, according to data from Routescan.
The number of contracts deployed on Avalanche has more than tripled in the past year, which shows that the blockchain is getting enough attention from developers and users.
Smart contracts are pieces of code on a blockchain that do things automatically when they’re triggered by certain conditions. That’s why users can buy and sell, lend and borrow, or build apps on the network directly without the presence of a middleman.
In Avalanche’s case, this growth shows how more developers are using these self-running programs to create decentralized apps, games, and financial tools that run securely.
This comes as Avalanche also recorded a strong performance in decentralized finance (DeFi). According to on-chain analytics, the Avalanche network handled over $2.2 billion in decentralized exchange (DEX) trading volume in just three days. This makes it the most active week for the ecosystem.
Meanwhile, AVAX, the native token of Avalanche, is currently trading for $30.01. This is a 3.84% drop today. However, the token has surged 4% this week, leading to $12.67 billion in market cap.
